EARNINGS RELEASE: Q1 FY 2021-22

Mumbai, 20th July, 2021 – Network18 Media & Investments Limited today announced its results for the quarter ended 30th June 2021.

 Consolidated EBITDA up ~6x YoY (and ~3x vs Q1FY20); operating margin clocked 15.5%  Consolidated revenue ex-film rose 51% YoY (and 2% vs Q1FY20)  Concerted thrust on continuity of original content and monetization limited ad-revenue impact from second wave  Network18 Digital’s reach expanded to ~49% of India’s internet population (Comscore)

Summary Consolidated Financials Q1FY22 Q1FY21 Growth Q1FY20 Growth Consolidated Operating Revenue (Rs Cr) 1,214 807 50% 1,245 -2% Consolidated Operating EBITDA (Rs Cr) 188 27 587% 46 306% Operating EBITDA margin 15.5% 3.4% 3.7%

Highlights for Q1

 Operating margin at ~15.5%, highest ever in first quarter; despite second wave impact  Entertainment margin a healthy ~17%; ex-film revenue up 63% YoY (up 5% vs Q1FY20)  News margin at 15%; revenue up 17% YoY (near-flat vs Q1FY20 ex-election advertising)  Digital News maintained its break-even; revenue rose 89% YoY (up 44% vs Q1FY20).

Financial and Operational performance

 Domestic ad-revenue much higher YoY due to first wave impact being significantly greater  Entertainment advertising was impacted by the second wave, as ad-demand dipped in May-early June due to lockdowns. However, original content production and telecasts were continued by tackling lockdown-driven logistical challenges through bio-bubbles, shifting shooting locations, and other innovative/agile solutions. On the back of a full roster of compelling content, our portfolio was able to re-scale ad-revenue to the same levels as in Q1FY20 (which was not impacted by COVID-19 in any manner).  TV News advertising remained resilient despite the second wave, led by a rise in news consumption and digital events replacing physical ones. As a result, our TV News ad- revenue remained in growth territory vs Q1FY20, adjusted for election-linked advertising.  Digital News was minimally impacted by the second wave. Growing salience of the medium for advertisers as well as consumers (especially during COVID peaks) supported revenue.

 Subscription revenue grew 4% YoY; subscription remains growing and resilient to COVID  Domestic subscription revenue continued to grow led by expanded tie-ups in TV and Digital (both B2B and B2C). International subscription remains under stress  While Digital is rising fast off a low base, TV remained resilient and in growth territory.  Domestic TV subscription dynamics remain in flux due to the proposed new tariff order (NTO 2.0).

 Cost controls maintained across business lines, despite second wave driven escalations  Consistent controls on costs across business lines led a reduction in group opex, despite cost-pushes in content and distribution. Even compared with Q1FY20, opex fell 14% YoY.  Maintaining safe and full-scale-continuity of news operations and original entertainment programming despite lockdowns across various states drove up certain content costs.  Distribution costs rose due to an new channel placed on DD Freedish, Cineplex Bollywood

 Digital platforms in focus, as consumer engagement and subscription continues to ascend  Pay-product Voot Select was the fastest to reach 1 mn B2C subscribers in its first year. It continues to grow at a healthy clip, driven by our subject-led approach to digital originals and curation/extension of TV-led content. The next season of India’s biggest entertainment property ‘Bigg Boss’ will be launched on Voot as a digital exclusive aimed at dialling-up active engagement with viewers. The show shall then seamlessly transition to TV.  Niche edutainment pay-platform Voot Kids witnessed a 25% QoQ growth in overall watchtime.  Iconic Football league ‘LaLiga’ will be live-streamed on Voot, and will air exclusively on MTV in India along with select national and regional network channels. The 3-year exclusive partnership gives the group linear & digital rights across the Indian subcontinent.  MoneyControl Pro was the only Indian app ranked amongst the top-20 global news subscription services, and is the third largest such platform in Asia (International Federation of Periodical Publishers).  News18.com alone reaches ~190 mn unique visitors every month; which is a testament to its growth as a brand and the most inclusive vernacular news destination.

 TV viewership rose 9% QoQ led by lockdowns, continuation of original content telecasts  News genre viewership jumped 28% QoQ led by the second wave and multiple state and elections. The salience and resilience of our fully-pay news-network shone through.

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 Entertainment viewership also grew 8% QoQ, some of which was contributed by sports. Pay-GEC viewership also grew in single digits across both Hindi and Regional, as original programming continued unabated to a large extent. Our share of TV entertainment rose further to ~11%, up sharply from a low of ~9.2% in Q1FY21.

Mr. Adil Zainulbhai, Chairman of Network18, said: “The second wave of COVID-19 could have been the dominant theme for the industry and indeed for us during the quarter….but it wasn’t. Led by the many learnings from the past year and a responsibility to serve the Indian audience, we have been able to continue our businesses relentlessly and profitably. While advertising hit a speed- breaker (primarily in entertainment), growing engagement on our platforms across TV and Digital make us confident of delivering for all our stakeholders even amidst a choppy environment. We continue to invest to ramp up offerings on our class-leading digital platforms, as their reach expands to highest ever levels. At the same time, we are selectively creating segmented offerings to enhance our TV portfolio in a capital-efficient manner.”

Business summary

 News bouquet (20 channels) is India’s largest and most diversified in scope and reach.

. Our News channels have been largely unaffected, amidst continued suspension of BARC ratings for the genre. A resumption of physical events as the second wave recedes will likely spur ad-revenue further. . Digital campaigns and events like “Sanjeevani” (for raising COVID vaccination awareness) blended business and social responsibility.

 Entertainment bouquet (Viacom18’s 35 channels + AETN18’s 2 infotainment channels) is #3 amongst pan-India peers

. Flagship Colors was #2 in primetime amongst Hindi pay-GECs. Digital ad-revenue grew despite strong competition from sports (esp. IPL). . New initiatives during the quarter include launch of Cineplex Bollywood free-to-air movie channel and Colors Gujarati channel in UK. Reported EBITDA also includes impact from initiatives launched more than a year ago but in gestation, mainly Colors Tamil and Voot Select.

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 Network18 digital is #2 amongst Indian media publishers with ~227 mn unique visitors . Flagships MoneyControl and News18.com grew engagement levels sharply, as digital news benefitted from both genre and medium tailwinds.

. Voot continues to enjoy strong engagement metrics, with 44 mins of daily time spent / user. Both entertainment pay-products Voot Select and Voot Kids witnessed continued growth in subscribers.

Financials for the quarter

OPERATING REVENUES (Rs Cr) Q1FY22 Q1FY21 YoY Q1FY20 Q1 22/20 A) News (TV18 Standalone) @ 269 230 17% 298 -10% B) Entertainment (Viacom18+AETN18+Indiacast) * 886 546 62% 899 -1% C) TV18 Consolidated 1,155 776 49% 1,198 -4% includes: Subscription 466 450 4% 424 10% includes: Film production/distribution 5 5 7% 60 -92% D) Digital, Print, Others & Intercompany elim. 59 31 91% 48 25% E) Network18 Consolidated 1,214 807 50% 1,245 -2%

OPERATING EBITDA (Rs Cr) Q1FY22 Q1FY21 YoY Q1FY20 YoY A) News (TV18 Standalone) @ 40 4 1028% 20 99% B) Entertainment (Viacom18+AETN18+Indiacast) * 147 41 261% 57 157% C) TV18 Consolidated 188 44 323% 77 142% D) Digital, Print, Others & Intercompany elim. 1 -17 NM -31 NM E) Network18 Consolidated 188 27 587% 46 306%

Q1FY21 was impacted by first wave of COVID-19, hence we are comparing financials with Q1FY20 as well

@ IBN Lokmat is a 50:50 JV and hence is not included here as per Ind-AS accounting. * Viacom18 and AETN18 are 51% entertainment subsidiaries of TV18, while distribution-arm Indiacast is a 50:50 JV of TV18 and Viacom18. TV18's 24.5% minority stake in Telugu entertainment associate Eenadu TV (Ramoji Rao group) is not included here.

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 Operational performance highlights

 Network18 - Broadcasting

Network18’s listed subsidiary TV18 owns and operates the broadest network of channels – 57 in India spanning news and entertainment. One in every 2 Indians is a consumer of our broadcast content. We also cater to the Indian diaspora globally through 21 international channels.

o TV News (20 domestic channels)

TV18 is the biggest News network in India and has the largest number of news channels.

Financial performance Q1FY22 Q1FY21 YoY Q1FY20 Q1 22/20 Op. Revenue (Rs Cr) 269 230 17% 298 -10% Op. Expense (Rs Cr) 229 226 1% 278 -18% Op. EBITDA (Rs Cr) 40 4 1028% 20 99% Operating EBITDA margin 15.0% 1.6% 6.8%

. Due to a blackout of BARC ratings for the News genre since October-20, there are no channel viewership insights available.

. CNBCTV18.com grossed 13.78mn unique visitors during the quarter.

o Entertainment & Infotainment (37 domestic channels, OTT platforms & Studio)

TV18’s entertainment offering (Viacom18 and History TV18) is the #3 entertainment bouquet in the country by viewership. Its full-portfolio offering across National, Regional, Niche and Digital diversifies revenue streams and makes it future-ready.

Financial performance Q1FY22 Q1FY21 YoY Q1FY20 Q1 22/20 Op. Revenue (Rs Cr) 886 546 62% 899 -1% Op. Expense (Rs Cr) 739 505 46% 842 -12% Op. EBITDA (Rs Cr) 147 41 261% 57 157% Operating EBITDA margin 16.6% 7.5% 6.4%

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. Flagship Hindi GEC Colors ranks #2 in all-day primetime. Colors extended a successful franchise by launching Sasural Simar Ka 2 in April’21 which garnered 2 Mn impressions

. Colors Rishtey has grown its genre share to 16.4% and ranks #3 in the FTA re-run GEC genre.

. Colors Cineplex has a 6.9% viewership share in the Pay Hindi movie genre. Its FTA variant Rishtey Cineplex has garnered a 10.3% share in FTA Hindi movie space.

. Colors Cineplex Bollywood was launched on 1st Apr’21 as a 24x7 movie channel. The channel has quickly carved out a 3.5% share in the FTA Hindi movie genre.

. Colors Kannada is the #2 channel in the genre, with 21.3% viewership share. Secondary GEC Colors Super adds another 3.4% to our Kannada portfolio share, taking it to ~25%.

. Nick continues to reign as #1 in the Kids genre, with a 14% share of genre viewership. Sonic with 13.1% share maintained its #2 position. Between Nick, Sonic and Nick Jr, our Kids portfolio commanded a 34% market-share, with a leadership in 16 out of 20 category slots.

. In English entertainment genre, our channels continue to occupy the top positions, with their combined viewership shares at ~92%. VH1 and Comedy Central rank #1 (58%) and #2 (22%) respectively; while Colors Infinity rose to a ~12% share.

. MTV Beats has risen to the #1 position, with viewership share increasing to 21.9%.

. MTV’s social media assets broke all past records to garner highest-ever 676Mn views in a quarter. The channel shall be showcasing LaLiga football as part of a 3 year deal.

. History TV18 ranks #2 in the Factual entertainment genre, with an overall market share of 19%.

. Voot, Viacom18’s Over The Top (OTT) exclusive digital video destination continues to chart its success path in an intensely competitive environment.

o Voot enjoys the most loyal audience amongst peers, with average daily time spent per viewer of ~44 minutes.

o Voot Select was launched in Mar-20, and continues to ramp-up. Network18 Q1 FY22 Investor Update – 30th June 2021 Page | 6

 Launched multiple Select Exclusives in Q1 FY22 namely Sumer Singh Case Files: Girlfriends, Kaushiki, 13 Mussoorie, Love Lust & Confusion, Truth or Tamanna and It Happened in Hong Kong.  exclusive live streaming of The 69th Miss Universe Competition  Home to Shark Tank S12, the critically acclaimed and multi-Emmy Award- winning entrepreneurial-themed reality show (IMDb rating of 7.6)  Why Women Kill S2, a critically acclaimed and widely popular dark comedy- drama anthology series (IMDb rating of 8.4) was launched in June ’21.  Multiple other international shows by MTV, ITV, CBS and Showtime were launched in Q1 FY22

. Viacom18 Studios includes Viacom18 Motion pictures and digital content production house Tipping Point Films.

 Following the success of Jamtara, Taj Mahal – 1989 and She, Viacom18 Studio’s digital content brand Tipping Point delivered another major web series, Ray, an adaptation of celebrated writer-director Satyajit Ray’s short stories. The series premiered in June and has received wide acclaim and adulation across the world

 Digital News

Financial performance Q1FY22 Q1FY21 YoY Q1FY20 Q1 22/20 Op. Revenue (Rs Cr) 56 29 89% 39 44% Op. Expense (Rs Cr) 53 41 29% 64 -17% Op. EBITDA (Rs Cr) 2 -12 NM -26 NM Operating EBITDA margin 4.2% -40.2% -66.1%

Network18 Digital News is a #2 player in News/Information category.

. Moneycontrol has consolidated its position as India's leading business and finance destination in the digital landscape. Its app continues to remain best-in-class, with industry leading monthly active users (MAUs) and engagement.Its website is also the leader by page-views amongst business news peers.

. Global Digital Subscription Snapshot by FIPP CeleraOne ranked MC Pro in top 20. Moneycontrol Pro, within two years of launch, has carved its niche among leading news publishing platforms including the Wall Street Journal, New York Times, Financial Times, Nikkei.com and the Economist app.

. Through analytical tools and feature launches including Big Shark Portfolio, Market Event calendar and Moneycontrol Equity Research, Moneycontrol has continued to enhance its core offering for investors.

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. News18.com covers 13 languages and is India’s second largest digital news platform. Its reach has grown 23% YoY to a lifetime high of ~190 mn unique visitors a month; driven by continued rise in engagement in Indic languages.

. While breaking news and analysis remains at the heart of News18 operations, the new News18 Explainer sections adds further value to coverage around big and talking point stories.

 Digital Commerce

. The platform is facing pressure due to shuttering of cinema halls and event venues amidst the COVID-19 lockdown. The company is optimising costs across the board to mitigate the impact.

. BMS has also started one of India’s first mass TVOD platforms (BookMyShow stream), which has seen a strong uptick. BMS has partnered with some of the largest global studios & production houses (Warner, Universal, Sony, Viacom, etc) world renowned film festivals, independent foreign film distributors and regional content providers.

 Network 18 - Print

. Under its publishing division, Network18 operates 2 leading niche magazines -- ‘Overdrive’ and ‘Better Photography’, along with prestigious business magazine ‘Forbes India’.

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Network18 Media & Investments Limited

Reported Consolidated Financial Performance for the Quarter ended 30th June 2021 (₹ in crore) Particulars Year Ended Quarter Ended (Audited)

30th Jun'21 31st Mar'21 30th Jun'20 31st Mar'21 1 Income Value of Sales and Services 1,409 1,641 934 5,459 Goods and Services Tax included in above 195 226 127 754 Revenue from Operations 1,214 1,415 807 4,705 Other Income 16 19 9 44 Total Income 1,230 1,434 816 4,749 2 Expenses Cost of Materials Consumed 0 0 0 1 Operational Costs 472 581 297 1,783 Marketing, Distribution and Promotional Expense 238 214 172 830 Employee Benefits Expense 251 259 223 954 Finance Costs 24 27 53 157 Depreciation and Amortisation Expense 31 33 39 147 Other Expenses 64 83 88 341 Total Expenses 1,080 1,197 872 4,213 3 Profit/ (Loss) Before Share of Profit/ (Loss) of 150 237 (56) 536 Associates and Joint Ventures and Tax (1 - 2) 4 Share of Profit/ (Loss) of Associates and Joint Ventures (6) (9) (2) (24) 5 Profit/ (Loss) Before Tax (3 + 4) 144 228 (58) 512 6 Tax Expense Current Tax 15 4 3 (72) Deferred Tax 7 18 - 37 Total Tax Expense 22 22 3 (35) 7 Profit/ (Loss) for the Period/ Year (5 - 6) 122 206 (61) 547 8 Other Comprehensive Income (i) Items that will not be reclassified to Profit or Loss 5 (20) 2 (3) (ii) Income Tax relating to items that will not be (1) 4 - 4 reclassified to Profit or Loss (iii) Items that will be reclassified to Profit or Loss 1 (1) 1 0 Total Other Comprehensive Income for the Period/ 5 (17) 3 1 Year 9 Total Comprehensive Income for the Period/ Year 127 189 (58) 548 (7 + 8) Profit/ (Loss) for the Period/ Year attributable to: (a) Owners of the Company 10 39 (62) 33 (b) Non-Controlling Interest 112 167 1 514 Other Comprehensive Income attributable to: (a) Owners of the Company 2 (18) (1) (2) (b) Non-Controlling Interest 3 1 4 3 Total Comprehensive Income attributable to: (a) Owners of the Company 12 21 (63) 31 (b) Non-Controlling Interest 115 168 5 517 .

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TV18 Broadcast Limited

Reported Consolidated Financial Performance for the Quarter ended 30th June 2021 (₹ in crore) Quarter Ended Year Ended Particulars (Audited) 30th Jun'21 31st Mar'21 30th Jun'20 31st Mar'21 1 Income Value of Sales and Services 1,343 1,566 899 5,227 Goods and Services Tax included in above 188 218 123 729 Revenue from Operations 1,155 1,348 776 4,498 Other Income 21 21 12 62 Total Income 1,176 1,369 788 4,560 2 Expenses Operational Costs 461 573 289 1,751 Marketing, Distribution and Promotional Expense 230 200 167 796 Employee Benefits Expense 219 228 193 836 Finance Costs 10 13 31 88 Depreciation and Amortisation Expense 29 31 37 139 Other Expenses 58 68 82 307 Total Expenses 1,007 1,113 799 3,917 3 Profit/ (Loss) Before Share of Profit of Associate and 169 256 (11) 643 Joint Venture and Tax (1 - 2) 4 Share of Profit of Associate and Joint Venture 13 15 15 60 5 Profit/ (Loss) Before Tax (3 + 4) 182 271 4 703 6 Tax Expense Current Tax 13 2 2 (79) Deferred Tax 7 18 - 36 Total Tax Expense 20 20 2 (43) 7 Profit/ (Loss) for the Period/ Year (5 - 6) 162 251 2 746 8 Other Comprehensive Income (i) Items that will not be reclassified to Profit or Loss 6 (3) 6 0 (ii) Income Tax relating to items that will not be reclassified (1) 4 - 4 to Profit or Loss (iii) Items that will be reclassified to Profit or Loss 0 0 0 0 Total Other Comprehensive Income for the Period/ Year 5 1 6 4 9 Total Comprehensive Income for the Period/ Year 167 252 8 750 (7 + 8) Profit/ (Loss) for the Period/ Year attributable to: (a) Owners of the Company 99 166 1 456 (b) Non-Controlling Interest 63 85 1 290 Other Comprehensive Income attributable to: (a) Owners of the Company 4 0 4 2 (b) Non-Controlling Interest 1 1 2 2 Total Comprehensive Income attributable to: (a) Owners of the Company 103 166 5 458 (b) Non-Controlling Interest 64 86 3 292

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INVESTOR COMMUNICATION:

Network18’s ongoing investor communication endeavors to adopt best international practices and the quarterly investor updates are designed to regularly provide detailed information to investors. Each update covers information pertaining to the reporting period under review. If you would like to get a sequential and continued perspective on the company this report should be read along with the updates sent out earlier. The previous updates can be accessed on request from the contact persons mentioned below, or from the company’s website www.nw18.com. This update covers the company’s financial performance for Q1 FY22.

For further information on business and operations, please contact: Abhishek Agarwal, Network18 Media & Investments Limited E-mail: [email protected]

Further information on the company is available on its website www.nw18.com

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